4 Tips for Pricing Your House to Sell
One of the most important things to consider when selling your house is how to price your house. If you set the price too high you won’t get a quick offer and set it too low and your house will sit on the market for months or you may regret the price you set. So, how do you set the right price? Here are 4 tips:
1. Examine Similar Listings and Past Sales
While no house is identical to yours, you’ll have a clear understanding of the market value. Study similar houses listed within your neighborhood in the last six months.
Consider physical barriers and neighborhood dividing lines such as railroads, freeways, and major streets. Similar houses on different sides of a street can vary by thousands of dollars.
Look at identical houses (same # of bedrooms, bathrooms and square footage) that were sold and compare their original list price with the selling price. This will help you to determine price reductions. In a seller’s market, houses can sell for more than 100% of the list price.
2. Try not to Overprice your House
If you overprice, you may find yourself chasing buyers and spending more money than you imagined. Time is not on your side and no buyer wants to overpay. If your asking price is too high, house buyers will think you are unrealistic and will overlook your house. If your house is priced above market by 10% or more you will eliminate 60% of the buyers from even looking at your house.
When pricing your house we like to think about how people search for houses. Buyers generally have a range that they are looking to buy. For example, if I can afford to spend $300,000 for a house I will probably search between $275,000 and $325,000. I wont stop at $322,000 or start at $278,000. I will use round numbers. Pricing on the $25's is an effective strategy to make sure you stay in the range your prospective buyer is looking. Plus, if you are the house shown at the bottom of the range you look like a bargain.
3. Think like a Homebuyer
What do you look for in a home? Is it a great view, a modern kitchen, or a big yard? These are probably the same things your target buyer is looking for. Have a talk with us about current buyer trends. Shag carpeting might have been the in thing last year but granite countertops may be popular this year. Your price should be similar to that of other houses with the same amenities. If the price is right, buyers won’t have many objections about your house.
4. Know Your Priorities
What do you prioritize more? Selling your house for the highest price or selling it fast? Some homeowners price their houses lower so as to sell them as quickly as possible. But you can sell your house at the full price and sell it quickly. Consider updating the exterior of your house with curb appeal ideas like a fresh coat of paint and fresh or landscaping.
Trying to sell your house is not an easy task and the hardest part is setting the asking price. Implement the above tips and you’ll be sure to set the right price. Most importantly, use our team to help you with the pricing process. The Tosello Team is here to work with you to get your house priced correctly and looking it's best so it can sell quickly.
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Colleen, Paul and Elena, Thank you for all of your help in selling my brother’s house at 1008 Becker. Penny Farrall told me she had located a good realtor for me and she was so on target. It is hard... Read full review
Paul and Colleen Tosello have exceeded our expectations of realtors in every way - in fact, over the course of our experience with them they served as so much more! We relocated to Keller on a job transfer and... Read full review
Paul and Colleen were absolutely wonderful. We started our home buying process while living across the country. They both met with us numerous times when we would fly in, over zoom meetings, as well as with our... Read full review
Thank you all for your help!
Colleen, Paul and Elena,
Thank you for all of your help in selling my brother’s house at 1008 Becker. Penny Farrall told me she had located a good realtor for me and she was so on target.
It is hard selling a piece of property that isn’t yours, is filled with stuff and is 2,000 miles away. You all made it so much easier.
Paul – you were spot on with the sales price and marketing. There were so many offers to choose from.
Elena – I appreciated all of your communication with me throughout the process as well as checking on the vacant house from time to time.
Colleen – we had the most interaction with each other over the last several months. I so appreciated your calm, knowledgeable approach as you guided me through the various legs of the journey.
Paul and Colleen Tosello have exceeded our expectations of realtors in every way - in fact, over the course of our experience with them they served as so much more!
We relocated to Keller on a job transfer and chose Paul and Colleen after being referred through the Ramsey network. Almost immediately, we received a call from Paul. He spent 45 minutes on the phone with us genuinely investing in getting to know us and learning what our needs were. We were blown away by how kind and professional he was and committed to them.
We briefly explored the existing home market but ended up building. They expertly guided us through the process, gave us sound advice and made sure the build was a good investment for our family. Over the last year, Colleen has been a tireless advocate in dealing with the builder and our mortgage company.
Colleen did all that while also giving us great advice on many different questions we had about the area and other services (schools, churches, contractors, childcare, etc.). We are incredibly thankful for their professionalism and guidance - we couldn’t have done it without them!
Hands down the best realtor experience we’ve ever had in our 10 (yes, 10) moves! Highly recommend!!
Professionalism, Quality, Responsiveness, Value
Paul and Colleen were absolutely wonderful. We started our home buying process while living across the country. They both met with us numerous times when we would fly in, over zoom meetings, as well as with our builder. Colleen and Paul know the area inside and out and have helped us (and still are!!) with getting us involved in the community. Absolutely wonderful team. We highly recommend them. We consider them dear to our hearts. Thank you for everything.